Nov. 25, 2024

This paid piece is sponsored by First National Wealth Management.

“I know we’re going to have to spend a lot of money, so I don’t want to compromise.”

Build, buy or remodel? With all the chaos of the housing market in recent years, many homebuyers are feeling stuck.

Small-business owners Dr. Ashley Pfaff-Shaver and Chuck Shaver recently joined the Sioux Falls podcast “Common Cents on the Prairie”™ for a conversation with host Adam Cox about their homeownership journey.

The episode covers everything from their current situation to their dreams of building in a more private neighborhood, as well as how their financial histories impact it all.

Here’s a quick recap of what they discussed.

To build or not to build

The couple, who met at a charity function, have been married for eight years.

They built their home in Sioux Falls right about the time they got married.

“That was our first home together,” Pfaff-Shaver said. “And we love our neighborhood. We’ve got plenty of room for our family.”

But about six years ago, their friend who’s a builder gave them a heads-up: He was working on a new development in Sioux Falls.

“It was going to be this great, smaller community,” Shaver said. “Big lots, a lot of privacy, all this stuff. So we kept in contact with him.”

Development wrapped up about three years ago. They, along with the friend who turned them on to the development, were both looking at two of the lots.

“I’m like, ‘Whichever you don’t want, we’ll take the other one,’” Shaver said. “And he ended up taking the smaller lot.”

Theirs is a 2-acre lot in a neighborhood that checked many of their boxes.

Privacy? Check. Big yard? Check. In the same part of town as Pfaff-Shaver’s chiropractic office? Check.

They decided, however, to hold off on building a house.

“Because it’s expensive,” Shaver said.

“We still have these goals for our future of retirement and savings,” Pfaff-Shaver said, “and now that we have a son together, we have to consider his future as well. And, that’s on a higher priority list than building this new house.”

‘We looked at it as an investment’

“I think, initially, it was like, ‘Let’s buy it as an investment. If we don’t keep it, we can sell it,’” Pfaff-Shaver said.

Despite receiving some tempting offers, the couple has maintained ownership of the lot.

In fact, Shaver already has planted trees on it.

“Some of them even lived,” he joked, adding: “Don’t buy saplings to plant on a lot if you don’t have a way to water them. That’s rule No. 1.”

The couple is certain at this point that they’ll build on the lot someday. When that time comes, they’re all-in.

“This isn’t going to be an inexpensive starter home,” Shaver said. “This is going to be an expensive place with everything that’s going on. … This is the dream home.”

One of those dreams is a tailor-made office space for Shaver, who does most of his work out of their home.

Another dream is more space for their 3-year-old son, Beckham, as he grows up.

“We have this big yard, and Beckham can be running around,” Pfaff-Shaver said. “Seeing him in our minds as older and throwing the football and casting off the dock in the pond.”

Six months out

“We don’t have a deadline,” Pfaff-Shaver said. “We’re sitting in a nice spot for our family, which I think has taken the pressure off of both of us.”

Currently, the couple doesn’t feel like they need to move out or to sell their house.

That being said, there’s nothing particularly stopping them from moving on.

“It was a great part of our life. It was the beginning of our relationship,” Shaver said. “There are a lot of memories in it, but I’m not so attached to it that it would bother me, personally, to leave for this opportunity.”

According to Pfaff-Shaver, the right home for their family is more about “the people and not the structure.”

And if you were to ask them today when they might break ground, the couple would tell you they’re six months away.

“We’re always six months out,” Pfaff-Shaver said.

For the whole story on the couple’s plans of building their dream home, watch the full episode of “Common Cents on the Prairie” below or listen on your favorite streaming app.

And if you’d like to talk to Adam Cox or another financial expert about your own situation, reach out to the team at First National Wealth Management. They’d be happy to start a conversation!

Any comments, insights or strategies discussed in this article are intended to be general in nature and, therefore, may not be suitable for you and your situation, whatever that may be. Before acting on anything written here, please consult with your attorney, CPA and/or your financial advisor.